Dear All,
I want to know taxability of gift received by a resident salaried assessee in USD (Foreign Exchange) from NRI Relative. Is it exempt from Income tax.?? also if possible tell me the taxability of same under the provisions of FEMA, or any other applicable law.. Please quote relevant sections, case laws, notifications etc. wherever possible..
Waiting for a reply.
Regards
Varuna
CAclubindia
